this is business live from bbc news with maryam moshiri and sally bundock. darkening skies for the world economy. the world bank warns the trade war between the two biggest economies — america and china — is increasing risks across the globe. live from london, that's our top story on wednesday 9th january. the world bank forecasts the global economy will expand by 2.9% this year and 2.8% in 2020. also in the programme, india's top court rules the copper plant at the centre of deadly protests last year can re—open. and european markets are up at the start of the trading day. and european markets are up at the start of the trading day. and old versus new —

we'll be getting the inside track on the business of buying preowned stuff, asking one british entrepeneur if we're really seeing a backlash against environmentally—damaging fast—fashion. as another major airport is closed due to a drone sighting, we want to know how worried you are about your flight being affected by drones? what more can be done? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. the world bank has warned of increasing risks, or what it calls "darkening skies", for the global economy. it says escalating conflict over international trade could lead in to slower growth this year and next. it now predicts global growth of 2.9% this year and 2.8% in 2020, slightly below earlier forecasts. estimates for virtually all regions have been downgraded.

the world bank singles out trade tensions between the world's two biggest economies — the us and china — as a particular concern, along with rising government and corporate debt. there are signs of progress in us—china talks in beijing, the first since presidents donald trump and xijinping agreed a 90—day truce in buenos aires last month. the beijing talks have been extended to a third day, with mr trump tweeting that they're going "very well". dr yujie, china research fellow at chatham house is with me now. this looking at what the world bank had to say, warning of increasing risks, what do you make of the warning? it is new forecast, so not much is lower than the previous one. there is nothing quite new in that

report at all. the chinese economy slows down at the end of last year a nyway slows down at the end of last year anyway into four. the government orientation is to have much more slower growth, looking for a more sta ble slower growth, looking for a more stable economy. we are expecting a much more conservative policy from the chinese government. it highlights the risks out there that are very difficult to predict. for example, the trade discussions in beijing on day three, if they do not bear fruit, we could beijing on day three, if they do not bearfruit, we could have beijing on day three, if they do not bear fruit, we could have a beijing on day three, if they do not bearfruit, we could have a lot worse year than the world bank thinks now. i am taking a neutral opinion on this. on the one hand they began to talk with each other at mid—level officials and these are technocrats trying to lay the ground for a much higher level agreement. but on the other hand the united states has asked china to strike a

deal on the economy and we are unlikely to have that happen. do you think the pressure is as much on donald trump as on china, given the problems he had at home with a partial government shutdown, and deadlocked on capitol hill. he is not getting his way right now and he needs to be able to trump on something he is doing. the share of the burden is 50—50. trump needs to have something, but the stock market is not doing him any favours. but for china, it is a matter of how well the president will be able to govern his country. in terms of the 90 day truce that comes to an end in a couple of days' time. what do you think may be done prior to the end of that? will we see the increase in paris from 10% to 25%? of that? will we see the increase in

paris from 1096 to 25%? the likely paris from 1096 to 2596? the likely policy from the chinese side is further opening up the economy and what the chinese are willing to open. the chinese talk so much, but they do very little. thank you for coming in, it has been interesting. as we say, the talks in beijing are on their third day and we are keeping an eye on any news that is coming out of those talks. keeping an eye on any news that is coming out of those talks. let's take a look at some of the other stories making the news. the mayor of 0stend has told the bbc that the belgian port will not be ready for a new ferry line in time for brexit. bart tommelein was asked about the uk government's award of a $17.6 million contract to seaborne freight for a service between the british port of ramsgate and 0stend. mr tommelein said it was "impossible" that 0stend would be ready. shares in boeing took off on wall street after the planemaker reported record plane deliveries in 2018 for a second consecutive year. the us aerospace giant delivered 806 planes, just beating its rival airbus.

the european manufacturer said it delivered 800 commercial aircraft last year, also a record for the company. both have capitalised on rising global demand for air travel. apple gave its chief executive tim cook a hefty 22% pay rise in 2018. a filing submitted to the securities and exchange commission shows he received a total of almost $15.7 million, consisting largely of a $3 million base salary and $12 million bonus. apple's compensation committee cited the tech giant's strong sales performance over the year in justifying the bonus. rather nice, a £12 million bonus. let's have a look at some of the other stories happening in terms of news around the world. the business life page is updated all the time with lots of analysis, including the

latest results from sainsbury‘s. numberfour in the uk. the ftse has opened higher. rex is boosted by fresh food on the go. it is all happening on there, the stories that we have not got room for on this programme. i love the sausage roll. india's supreme court has paved the way for the reopening of a copper smelter that was shut down because of the environmental damage it was allegedly causing. sameer hashmi is in mumbai. this is a very controversial development given what happened when demonstrators were fired upon. that is right, sally, it is a controversial project. last year the villagers in the area had demonstrated, the police opened fire and 20 people dai in that protest. after that the government shutdown the plant. the government then went

to the court against this decision. the environment agency clears projects like these. according to that agency, the smelter has reached all the criteria on environmental norms. this was turned down by the court, but now the supreme court has set aside that order. this does not mean that they will automatically be able to open the plant immediately. they will have to apply for a fresh permission from the government to clear it. given the opposition on the ground, it is not a done deal yet and this may head back to the courts. let's take you through what the markets are doing. let's take you through what the markets are doing. 0ngoing optimism about the prospect of a resolution to the china—us trade war lifted markets in asia.

in europe they are following asia's lead. even though they are quite low—level talks in beijing, they have moved into their third day. sainsbury‘s has updated the city on her christmas went. it was a little bit disappointing. it was a little bit disappointing. and michelle fleury has the details of what's ahead on wall street today. wall street will be paying close attention to the release of the minutes from the federal reserve's policy—setting meeting back in december. they are likely to show how fed officials viewed mixed signals from the us economy at the end of last year with what they see as the biggest risks. late on tuesday the world bank revised down its global growth forecast for 2019 to 2.9% from 3%. looking forward there are also a couple of earnings on tap. the wine and spirits constellation brands report its results for the third quarter. strong demand for corona beers

is expected to lift revenue and investors will also be looking for an update from the company on its investment in the canadian cannabis company called canopy. also given the fierce competition amongst retailers markets do not expect much from bed bath & beyond. heavy discounting is eating into its profits. the company is likely to post a drop in profits for the third quarter. joining us us mike amey, managing director and portfolio manager at pimco. nice to see you, happy new year. happy new year. it is too late to say happy new year now. it is never too late. we have got the same story here with our retailers telling us how things are going after christmas. is the sentiment quite boring and positive? yes, with retail there has been a

lot of managing expectations down. if you look at the broader markets, there is a lot of nervousness over there is a lot of nervousness over the last couple of months from november and december and into january. markets came under pressure, there is a lot of tension around the trade discussions and brexit and other aspects. a lot of bad news coming into the price and why you are seeing this bounce is because the bad news is slowing down. and everybody is back at work this week. it is important to remember that if you look at the moves remember that if you look at the m oves a cross remember that if you look at the moves across the christmas period, the stock market was up 3% monday and down 3% the next day and a lot of that is people being out, so you get relatively small amounts of transactions making big moves and now things have calmed down and people are back at work and volumes are high and things are looking a

little bit better. let's have a look at the pound, always a barometer of where we are with brexit. checking it out for the last few days it has been treading water. it has been quite stable for a while and it is a very good barometer of brexit because currencies reflect quite quickly on political uncertainty. what the market is telling you is we get the first vote on january 15. i do not think the markets have any view that it will have great clarity. until that, there is no view one way or another. mike will be back later and we will talk about the business stories in the press. still to come... 0ld versus new — we'll be asking a british entrepeneur making a mint from selling preowned, luxury wares, if it's a fad or a shift to ethical buying.

you're with business live from bbc news. sainsbury‘s has just given details of their christmas trading and it was a bit of a mixed bag. sales were down 1.1% like for like, but grocery sales were up 0.4% with a stronger performance in convenience and online. they are the latest of the big four supermarkets to report a slow christmas with the major retailers being squeezed hard by the discoutners aldi and lidl. neil wilson is chief market analyst at markets.com. what did you make of sainsbury is news? i am a glass half empty in terms of the results today. the wea kness terms of the results today. the weakness was quite notable underperformance. argos has been the

real driver of sainsbury is growth lately. that weakness is a concern. i think you have got to look at not just the competition from the discounters affecting its core grocery sales, it is also the competition from the other big supermarkets like tesco and morrisons in particular. sainsbury‘s tidwell whilst tesco was going through a rough patch and whilst morrisons was nowhere near where it is now. they have turned things around in the last few years and sainsbury‘s has found it a lot tougher. this tells us more than anything else about how much sainsbury‘s needs asda. anything else about how much sainsbury's needs asda. absolutely. the big question is does the cma allowed sainsbury's and asda to tie

up. without that merger there is a big question about where it goes next. a lot of investors will be pinning their hopes on the cma being lenient with sainsbury's and you have to look also at the impact of the discounters, algae and little. no case to we have the big four seeing a broader market. there is a much broader sense of competition and the market and that might be in favour of sainsbury's. thank you very much indeed. good news from majestic wine. more detail on the web page. their sales were up 6.2% in the ten weeks up to christmas. financial markets are all higher in

europe following a very strong close in asia earlier today. we will see how long that lasts. now let's get the inside track on the push for pre—owned. awarness is growing about the environmental and ethical impact of fast fashion and the consumer goods industry. xupes, a family—owned british business, is tapping into the high end bit of that, specialising in luxury, now let's get the inside track on the push for pre—owned. founderjoseph mckenzie has turned xupes into one of the biggest uk pre—owned retailers. monthly site traffic has grown by 228% since 2015, and company turnover is predicted at £11 million for 2018. joe mckenzie, ceo and founder of xupes is with us now.

it's preowned not just it's preowned notjust second—hand? yes, it is. tell us how it started. you were at university and you were looking to own these gorgeous, glamorous, designer watches and you thought there was a business. yes, my father and i formed the business from home and we identified an opportunity in the market to deliver a service that was not happening. preowned goods historically people have a perception of them being counterfeit or stolen. we sent to kate and vet every item and we sell luxury brands from rolex to chanel in the product categories that you said. that process for us is very important and it allows us to differentiate ourselves from others.

the fact it has grown dramatically shows there is a market for this. why do you think luxury items are so popular? there is a shift in consumer buying behaviour. preowned for us is about making it acceptable for us is about making it acceptable for people. most of the preowned brands we sell is up to 70% of in retail, which is a huge saving and our customers have identified that and they buy from us. many customers are shouting about the fact that what they have is preowned or second hand, the fact that they are helping the environment and climate by sharing stuff, by exchanging stuff as opposed to buying brand—new. absolutely. it is a big part of what we offer. we buy from people, we sell poor people and we can sign for them. it is actually quite

interesting because a lot of our customers have multiple items across the different departments and table by cycling from us or they might pa rt by cycling from us or they might part exchange a bag for a watch or even consign it to us and we sell it for them. where do you get your business from? i know you get business from? i know you get business online from asia and europe? we have got customers from all over the world, but they come to us all over the world, but they come to us online and off and book an appointment to come into the showroom. we like people coming to see us. showroom. we like people coming to see us. it is all about knowledge and integrity. a lot of customers these days are looking from experience when they buy something and that is why people are looking to us. integrity is key. u nfortu nately to us. integrity is key. unfortunately in the area of luxury goods there is a lot of counterfeit and stolen stuff out there. yes, and we make sure that what we sell is

not that. how do you know? we check it against stolen databases across the world and we can guarantee that everything we sell is authentic and not stolen. what is the most exciting thing you have sold? not stolen. what is the most exciting thing you have sold ?|j record exciting thing you have sold?” record sale for us was paul newman dayto na, record sale for us was paul newman daytona, an investment piece. some of the items we sell our investments and some of are more aspirational, entry level is for people. they are still not entry—level items for most people. but the daytona sold for £90,000. how much will that be worth inafew £90,000. how much will that be worth in a few years' time? we bought it for 30,000. that is a pretty good return. because of the uncertainty with the global market, have you

seen with the global market, have you seen people coming to because of the uncertainty? with handbags, watches and jewellery, and art, they have become alternative assets. we have seen become alternative assets. we have seen people putting items in their safe and then bringing them back to sell after a couple of years. thank you very much. now for our daily digest from the world's biggest technology show in las vegas. 0ur reporter chris fox has picked out a few highlights for us in the so—called "start—up zone". at las vegas the show floor is finally open. thousands of companies are here showing off their latest gadgets like this one. this is kiki, a little companion robot that is much like those other plastic robots we see every year at ces, but this one has a deep learning personality so a bit more friendly. let's take a look at this. this is something that has already raised $2 million on crowdfunding. it is a device that is going to advise me how to eat better i believe. so i am going to take a deep breath on this. tell me what it is doing. so right now you are inhaling a specific amount of air. you are holding your breath now and what it does is it is actually

going to measure your metabolism and build a plan for him to reach his goals. you need to exhale in three, two, one. exhale everything and now we are going to see the result and how his metabolism is doing according to what he did yesterday. you can see right now that chris is actually burning mostly fats. that is good, i have had a good breakfast. you had a good breakfast! i don't think my diet is going to get any better whilst i am here in las vegas. thank you very much. there are a few other gadgets you can blow into here. 0n the japan stand they have got a breathalyser. it doesn't just tell you whether you have had too much alcohol, it can also predict when you are going to be sober. very clever. it is still only day one here at ces and the show goes on for a few more days so there will be a lot more to see. there is so much to see. dave lee is there and rory cellan—jones is there. this story is causing

headache, the drones at heathrow airport. i would headache, the drones at heathrow airport. iwould imagine headache, the drones at heathrow airport. i would imagine anyone heading to heathrow yesterday and hearing this on the radio would have thought, what a nightmare. that is because of what happened at gatwick not so long ago. that which was effectively close for 36 hours. it caused absolute mayhem. fortunately with this one heathrow was only close between five and six last night, so thankfully not so bad, but a big worry. plenty of tweets about this. i am very worried, the drone incident at gatwick took place just one week before i flew to london. i have got another flight in february, snow, and already very worried. when does this ever end? the challenge is when does it end and when is the response quick enough to prevent it happening? in the news today the

investigation has started by the met police. we would all hope that that investigation would lead to a response which ensures that these drones cannot get anywhere near these are points. a story on the bbc website about immigration. it talks about insurgent flipping burgers. ultimately the story here is about people who come to this country or any country who have high qualifications, university degrees, but because of immigration laws they are not able to use those skills and work. you have highly educated people coming to a country and you wa nt people coming to a country and you want the country to benefit from those skills and the challenge is to recognise those skills. this has been a challenge for a number of yea rs. been a challenge for a number of years. just 30% of graduate level migrants make use of those degrees with a move country. this is a slap

in the face by the government which is putting out its message of a new immigration policy. people have to get point to enter the country. but they have got highly skilled people here and they are not using those skills. hopefully it is a bit of a call to arms to come up with something of international standard to recognise these qualifications. it is not easy to do, but it would be wonderful if it could be done. medical degree in one country is not recognised by another country. absolutely, that is why you need minimum standards. lovely to have you on the programme. there will be more business news throughout the day on the bbc live webpage and on world business report. we'll see you again tomorrow. good morning. we have had a rather

frosty start to the day in scotland, northern england, wales, the midlands and into southern england. high—pressure is still mostly in charge of our weather at the moment. we have got this week, warm front which will move its way into scotla nd which will move its way into scotland and northern ireland and that will introduce milder air. for most of us we have got this northerly wind from the arctic giving us this chilly field. quite a bit of cloud in eastern parts of england. that week weather front bringing in cloud and rain in the west parts of scotland. temperatures up west parts of scotland. temperatures up to about 9 degrees. in eastern scotla nd up to about 9 degrees. in eastern scotland still some sunshine by three o'clock in the afternoon. sony

in southern scotland and east of northern ireland. lots of sunshine for england and wales this afternoon. but it feels chilly. —— sally in southern scotland. tonight is patchy rain and drizzle will move further south and east. for many of us further south and east. for many of us it will be a dry night. more cloud further north and west and that mild air is moving in. during thursday that mild air will move its way further southwards and eastwards. still quite a cold day on thursday and more cloud around. a few breaks in the cloud where temperatures will be up to eight or 10 degrees. five or six in the south—east. by friday that mild air

will spread its way further south. there will be sunny spells developing throughout the day. largely dry and the temperatures get up largely dry and the temperatures get up to 8—10. at the weekend high—pressure is mostly in charge, but there are week weather systems moving in from the north—west and that will introduce more cloud and a few spots of rain. also some sunny spells as well. temperatures above average for this time of year. you're watching bbc news at nine with me, annita mcveigh. the headlines... mps will debate theresa may's brexit plan a month after she cancelled the original vote — labour say they'll table of no confidence in the government if she's defeated, — if she's defeated, but ministers remain bullish. think the prime minister's deal is a good ill for britain, the only alternative is a no brexit which

would not deliver on what the british people voted for or no deal, which would cause economic damage. it is because the prime minister's deal delivers for britain that i am confident it will pass. the military is helping police at heathrow airport after sightings of a drone temprarily halted flights yesterday. a 14—year—old boy is stabbed to death in east london after the moped he was riding collided with a car. president trump demands congress pays for his long—promised border wall with mexico in his first televised address